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Articles by Eric J. Mogilnicki
Funding Haze And Deregulatory Pursuits: The CFPB In 2026
By Sign up now By Eric Mogilnicki, Jehan Patterson and David Stein · Although a change in administrations always portends a directional shift for federal agencies, the Consumer Financial Protection Bureau had a more tumultuous 2025 than any other financial services regulator.... To view the full article, register now.
Funding Haze And Deregulatory Pursuits: The CFPB In 2026
By Eric Mogilnicki, Jehan Patterson and David Stein ( January 2, 2026, 9:55 AM EST) -- Although a change in administrations always portends a directional shift for federal agencies, the Consumer Financial Protection Bureau had a more tumultuous 2025 than any other financial services regulator.... Law360 is on it, so you are, too. A Law360 subscription puts you at the center of fast-moving legal issues, trends and developments so you can act with speed and confidence.
What's Next For CFPB After 'Big Beautiful' Funding Cuts
By Eric Mogilnicki and Lucy Bartholomew ( July 28, 2025, 5:03 PM EDT) -- On July 4, President Donald Trump signed a budget reconciliation act, known as the One Big Beautiful Bill Act, that will sharply reduce the funds available to the Consumer Financial Protection Bureau.... Law360 is on it, so you are, too. A Law360 subscription puts you at the center of fast-moving legal issues, trends and developments so you can act with speed and confidence.
What's Next For CFPB After 'Big Beautiful' Funding Cuts
ADVERTISEMENT Don't want ads? Subscribe or login now. By Eric Mogilnicki and Lucy Bartholomew ( July 28, 2025, 5:03 PM EDT) -- On July 4, President Donald Trump signed a budget reconciliation act, known as the One Big Beautiful Bill Act, that will sharply reduce the funds available to the Consumer Financial Protection Bureau.... A Law360 subscription puts you at the center of fast-moving legal issues, trends and developments so you can act with speed and confidence.
CFPB Rules Under Trump 2.0 - Pathways to Nullification
Under the leadership of then-Director Rohit Chopra, the CFPB carried out an ambitious and politically fraught rulemaking agenda. In the two years preceding President Trump’s second inauguration, the CFPB proposed or finalized at least ten rules covering an array of issues, including credit card late fees, open banking, overdraft, and medical debt.
CFPB's Proposed Overdraft Rule Evokes A Dickensian Tale
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What To Expect From The CFPB This Year
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CFPB Circular On AI Credit Denials At Odds With Existing Law
ADVERTISEMENT Don't want ads? Subscribe or login now. By Eric Mogilnicki and David Stein (October 12, 2023, 5:59 PM EDT) -- The Consumer Financial Protection Bureau recently issued a new circular[1] describing the adverse action notification requirements for lenders that use artificial intelligence or complex credit models in making credit denial determinations....
Harsh 11th Circ. Rebuke Should Inspire Changes At CFPB
By Eric Mogilnicki (July 21, 2023, 5:20 PM EDT) -- Some appeals are a bad idea. In 2017, the U.S. District Court for the Northern District of Georgia dismissed five defendants from a Consumer Financial Protection Bureau enforcement action because the CFPB "willfully violated the Court's repeated instruction to identify for Defendants the factual basis for its claims."... Law360 is on it, so you are, too.
Months In Brief Archive
CURRENT MONTH (May 2023) Table of Contents hide Banking Law OCC and FDIC Issue Guidance on Overdraft Fees By Rachael L.
Introduction to the 2023 Annual Survey of Consumer Financial Services Law
Spring 2023 | Volume 78, Issue 2 Introduction for the Consumer Financial Services Survey. The survey covers a wide range of topics including: arbitration, class actions, Fair Credit Reporting Act, consumer privacy laws (federal and state), and more. iSotkc.om/plej92 This year’s Annual Survey begins with two surveys of developments in arbitration. The U.S. Supreme Court issued five opinions that dealt with arbitration issues during the past year.
Months In Brief Archive
Year 2023 2022 2021 2020 2019 2018 2017 Months February 2023 January 2023 CURRENT MONTH (February 2023) Table of Contents hide Banking Law FDIC Issues Another Round of Cease and Desist Letters Focused on Deposit Insurance Claims By Susan Seaman & Daniel Wilkinson, Husch Blackwell LLP On February 15, 2023, the Federal Deposit Insurance Corporation (“FDIC”) issued cease and desist letters demanding that a cryptocurrency exchange, crypto review websites, and a fintech offering high-yield deposit...
Months In Brief Archive
Banking Law The New York State Department of Financial Services Introduced New Cybersecurity Regulations Amendments By Joseph Mayo, LL.M. Candidate at New York University School of Law The New York State Department of Financial Services (NYDFS) is finalizing its proposed cybersecurity regulation amendments to its 23 NYCRR 500 Cyber Security Requirements for Financial Services Companies.
Months In Brief Archive
Banking Law CFPB Director Chopra Questions Large Bank Living Wills in FDIC Statement By Eric Mogilnicki and Graves Lee, Covington & Burling LLP On November 22, 2022, Consumer Financial Protection Bureau Director Rohit Chopra issued a statement in his capacity as an FDIC board member regarding the living wills of some of the country’s largest financial institutions.
Why CFPB's Disposal Of Supervisory Tool Is Problematic
Law360 (April 7, 2021, 4:48 PM EDT) -- During his confirmation hearing to serve as the first director of the Consumer Financial Protection Bureau, Richard Cordray explained that the bureau had a "bigger and more flexible toolkit" than he'd had as Ohio's attorney general, where he "had only two options to choose from": alleging a violation of law or doing nothing.[1] He emphasized in particular "[t]he supervisory tool," which "offers the prospect of resolving compliance issues more quickly and...
CFPB’s Taskforce on Federal Consumer Financial Law Releases Report
On January 5, 2021, the CFPB’s (the “Bureau”) Taskforce on Federal Consumer Financial Law (the “Taskforce”) released a report (the “Report”) recommending how consumer protection in the financial marketplace may be improved.
Opinion | It’s beyond time to retire the filibuster
Eric Mogilnicki served as chief of staff to Sen. Edward M. Kennedy (D-Mass.) and Sen. Paul G. Kirk Jr. (D-Mass.). Drey Samuelson served as chief of staff to Sen. Tim Johnson (D-S.D.). Our democracy hinges on two votes: one in November and one in January. On Election Day, Americans have the opportunity to vote for Joe Biden for president and a Democratic majority in Congress.
High Court Clarifies CFPB's Future, Complicates CFPB's Past
Law360 (July 1, 2020, 7:11 PM EDT) -- This week's U.S. Supreme Court decision resolving the constitutionality of the Consumer Financial Protection Bureau's structure reflects the wisdom of an old saying: Be careful what you wish for. The Seila Law LLC v. CFPB case involved a CFPB civil investigative demand, or CID, served upon a law firm, Seila Law. Seila Law refused to comply, arguing that the bureau was unconstitutional.
Despite New Policy, CFPB Seems Uncertain On Abusive Acts
Law360 (February 4, 2020, 4:09 PM EST) -- The Consumer Financial Protection Bureau’s recently published policy statement on abusive acts or practices[1] sets forth several significant bureau policies. First, it commits the bureau to conducting a cost-benefit analysis before citing the abusive standard in supervisory and enforcement actions.
What To Expect If The CFPB Changes Course In 2021
Law360 (January 15, 2020, 2:21 PM EST) -- The Consumer Financial Protection Bureau may continue on its current trajectory for a decade or longer. CFPB Director Kathleen Kraninger’s term does not end until 2023, and she may be reappointed or succeeded by a like-minded director who serves another five-year term. Financial institutions know how to prepare for such continuity.
Promoting Fintech Innovation and Consumer Choice: The Role of Regulatory Sandboxes
In today’s highly regulated financial system, launching new products and financial services businesses can be extremely challenging. To facilitate innovation and entry, some jurisdictions have created regulatory sandboxes — supervised halfway houses in which firms can test new products without being subject to the full burden of compliance with existing rules. The Consumer Financial Protection Bureau (CFPB) recently announced such a program for U.S. consumer finance firms.
CFPB Issues Semi-Annual Report, Calls for Legislative Changes
On April 2, 2018, the Consumer Financial Protection Bureau issued its semi-annual report to Congress. Along with the traditional review of Bureau activities for the 6-month period covered by the report, the report is most notable for the 4 legislative proposals offered by Acting Director Mulvaney in his introductory letter, each of which would serve as a substantial check on the Bureau’s authority and independence.
CFPB Rolls Out New Plan
Yesterday, the CFPB released a new Strategic Plan for fiscal years 2018 to 2022. The new Plan is a further demonstration of Acting Director Mulvaney’s efforts to reshape the Bureau.
PHH v. CFPB
On Wednesday, January 31, 2017, the D.C. Circuit, sitting en banc, issued its long awaited decision in PHH v. CFPB, holding that the Bureau’s structure is constitutional and overruling an earlier decision that would have permitted the President to replace the Bureau’s Director at will. The decision also reinstates key parts of the original panel’s decision on the Real Estate Settlement Procedures Act (RESPA).
CFPB Structure Is Constitutional
Today, the D.C. Circuit Court of Appeals, sitting en banc, held that the structure of the CFPB is constitutional, overturning an earlier ruling by a panel of the Court that would have allowed the President to fire the CFPB director at will.
Director Cordray CFPB Leadership Debate
On Friday, November 24, Richard Cordray left the CFPB — but not before appointing his Chief of Staff, Leandra English, as Deputy Director of the Bureau. Under the Dodd-Frank Act, the Deputy Director “shall . . . serve as acting Director in the absence or unavailability of the Director.” Hours later, President Trump named Mick Mulvaney, current director of the Office of Management and Budget and a staunch CFPB critic, as Acting Director of the CFPB.
D.C. Circuit Holds Oral Argument in Rehearing of PHH v. CFPB
On May 24, 2017, the U.S. Court of Appeals for the D.C. Circuit held en banc oral argument in the rehearing of PHH Corp., et al. v. Consumer Financial Protection Bureau (“PHH”).
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